Legal Question in Consumer Law in Missouri

I called my car loan officer and told them that I had over half of the payment and that I would have the rest a little later. They told me no, that they wanted it all and that if I was one day late they would start repo prosedings. But in the contract it says that payment is to be made on or before the due date. And in another part to the contract it says that I would be in default if I failed to make a payment ten days after due date. I initialed both places.What do I do? I don't have all, just lacking a little bit. And can they repo if I am late? This will be my first time.


Asked on 6/29/10, 10:04 am

1 Answer from Attorneys
Anthony Smith LawSmith

Perhaps there are lenders that repo after a payment is late fore the first time, but I have not met any. There is probably nothing that coudl make a lender accpet a partial payment, and sev3eral reasons why they woudl not want to. But, in my practice every lender woudl rather have alte payment, then none at all. Pay your debt as soon as you can. If you are afew days late, it proably will nto a\effect your laon much, except you may owe alte penalty or extra interest.

Good luck

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Answered on 7/06/10, 1:52 pm


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